options for mobile homes - Posted by Juila

Posted by Ryan (NC) on April 13, 2006 at 07:55:29:

Julia,

We use options to minimize risk such as this… if I find a super nice home that is slightly over priced but we have a good buyer (one with a big down payment) that I’m pretty sure it will fit or if there are any questions about the park ect. I’ll try my best to put the home under a 30-90 day option with a small deposit.

I explain that there are some unanswered questions or that I normally won’t pay that much for a home but I’ve got a potential buyer that I think would be a perfect fit and I’d like to show them the home. Would they have a problem with me giving them $100 or so for the right to buy it at that price within so many days if it works out… Most folks give me no problem but I’ve had a few that get squeamish about possibly finding a buyer while I’ve got the right to buy (option) the trailer, so I just tell them that if that happens they can return the deposit, we’ll shake hands and part ways as friends which works most of the time.

Following Lonnie?s model is point blank the best route you can take but you can make a few bucks here and there wholesaling contracts. It’s NOT nearly as easy as it sounds though and you normally have to have a really good deal to start with but you don’t gain the monthly check. If you decide to try this deal I’d recommend running an ad looking for a different buyer the same day you lock it up, bank financing seems to fall through more than it gets approved around here.

Best wishes,
Ryan Needler

options for mobile homes - Posted by Juila

Posted by Juila on April 12, 2006 at 22:32:20:

can i use an option to lock a price on a mobile home to resell to a buyer that has bank financing in place? I can lock the home at 7k. It will appraise easy for 12k all day long. This will be a cash out. Has any one done this? my experence is with houses, so this will be my 1st mobile home. I could put up the 7k. However, if the buyer don’t fall in love, i want to cut the deal loose. How could you close this sale? Do you handle them like a house or a car? This deal happens to be a fsbo w/sad marketing skills. It found me when i was looking at bank owned mobile homes. Next question, I found a few bank owned mobiles that with a little luck and thank you! poor park mngmnt i may be able to steal and sell wholesale to other nicer parks…do you need to buy these out right or can you assign the contract? any words of wisdom would be great even if you telling me i’m nuts. Thanks, Julia

Re: options for mobile homes - Posted by Johnp

Posted by Johnp on April 13, 2006 at 23:01:10:

Hi Julia, the only problem with his deal is that the bank will pay the owner of the mobile home. Since you are not on title to the home the check from the bank will not go to you. The bank usually wants a copy of the title before they close. You will need the seller to pay you.

JohnP